Trading: technical analysis of the Bitcoin (BTC) and Ethereum (ETH) prices
Trading: technical analysis of the Bitcoin (BTC) and Ethereum (ETH) prices

Trading: technical analysis of the Bitcoin (BTC) and Ethereum (ETH) prices

By Federico Izzi - 30 Sep 2022

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We are in the final throes of September, which, barring any striking surprises, is set to end on a negative note.

After a positive first half, Putin’s words and the signing of the act officially recognizing the outcome of the referendums and the annexation of the four Ukrainian territories to Russia are weighing down global markets, with cryptocurrencies returning below parity.

At the turn of the last day of September, most blue chips are moving into red territory, with Bitcoin and Ethereum both losing more than half a percent.

A fall that at the time of writing does not affect the weekly balance in the negative. Most of the top 20 largest-capitalization assets attempt to reverse the descent that has characterized the previous two weeks.

With two days to go before the official close (Sunday, October 2), the last week of the quarter records by average trading volume the highest since mid-June and for Bitcoin, the third of the last year.

That of exchanges is a signal to follow for the coming weeks as well, being usually an indicator that warns of possible trend reversals.

Bitcoin Technical Analysis

Except for a handful of days in the middle part of the month, the queen of cryptocurrencies has fluctuated between $18,800 and $20,000.

The attempt to recover the top of the channel has been dampened in recent hours, with prices again slipping below $19,500.

But this is not certain. In fact, a short-term reaction signal could come with a daily close above $20,000 by Sunday. If it does not materialize within the next few days, it will be important not to break the base of the trading range to continue building a solid base in line with the restart of a lagging monthly cycle.

Ethereum Technical Analysis

The last week of September throws water on the fire of the wild volatility that characterized the first 20 days of September.

The hold of $1,200 – a support level indicated in these pages days before the last price drop – continues to be defended by the bulls, who managed to fend off attacks at the beginning of the week, bouncing prices in the $1,400 area.

Although the current environment is not conducive to push investors to new purchases, a nice short to medium-term signal would come with the recovery and daily close above the $1,400 area.

In the absence of an initial bullish clue, it is preferable to remain cautious in a very tense market phase that spares no one, not even Ethereum (ETH).

Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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